Now I will turn it back to Phil for some final comments. Thanks, Brent.

now i will turn it back to phil for some final comments thanks brent


from those described or implied in those forward-looking statements. These statements are based on currently available information

from those described or implied in those forward-looking statements these statements are based on currently available information


All of this would not have been possible without our hard-working and dedicated employees.

all of this would not have been possible without our hard-working and dedicated employees


Yes. Ole, I know you know a lot of drilling contractors and you know they're very good at tapping the brakes

yes oh i know you know a lot of drilling contractors and you know they're very good at tapping the brakes


One particular pipe service has grown through the past several decades to become a tremendous NOV franchise.

one particular pipe service has grown through the past several decades to become a tremendous nov franchise


more than offsetting continued challenges in offshore market and other international land markets that remain stagnant.

more than offsetting continued challenges in the offshore market and other international land markets that remain stagnant


As we look at the fourth quarter numbers, we can see the impact of several different events.

as we look at the fourth quarter numbers we can see the impact of several different events


Now let me take these in order. First, we told you the progress in Puerto Rico would take time,

now let me take these in order first we told you that progress in puerto rico would take time


That being said, while our variable cost model allows us to take action to reduce costs,

that being said while our variable cost model allows us to take action to reduce costs


One of our associates took first place in the challenge, and 6 of the 9 finalists came from Cable ONE.

one of our associates took first place in the challenge and 6 of the 9 finalists came from cable one


additional and continuing opportunities in business development to enhance our pipeline


I wonder if you could elaborate on why this increase is occurring?

i wonder if you could elaborate on why this increase is occurring


I think those things are reasons why we need to be very cautious when we enter those -- if we enter those markets,

i think those things are reasons why we need to be very cautious when we enter those -- if we enter those markets


of the overall power pricing environment in ERCOT is that low power prices are being driven by lower heat rates,

of the overall power pricing environment in erie that low power prices are being driven by lower heat rates


This ongoing success in our enterprise business continues to be driven by 6 key factors.

this ongoing success in our enterprise business continues to be driven by 6 key factors


to work together with Sandd people to further detail out our implementation plan.

to work together with chant people to further detail out our implementation plan


Our utilities remained among the very best for customer satisfaction in the regions we serve.

our utilities remained among the very best for customer satisfaction in the regions we serve


As a result of the acceleration in the fourth quarter, we ended the year with over 10,000 supplier connections,

as a result of the acceleration in fourth quarter we ended the year with over 10 000 supplier connections


Today, we announced an additional effort to achieve further cash interest savings on our term loan.

today we announced an additional effort to achieve further cash interest savings on our term loan


and probably a large portion of some of the challenges that, that business saw in the third quarter.

and probably a large portion of some of the challenges that that business saw in the third quarter


both of which more than offset the cost of ramping up our operations and the wage inflation that is taking place across the industry.


And listening to what you said, it sounds like a bit of a hope strategy that you can reprice and everybody else stumbles a bit.

and listening to what you said it sounds like a bit of a hope strategy that you can reprice and everybody else stumbles a bit


will continue with a supplementary explanation on specific points of this period's results.


One example of this is our newly formed Specialty Products segment, which we'll discuss later.

one example of this is our newly formed specialty products segment which we'll discuss later


it's a seasonally slow quarter for us in Florida. And we had some cases where, in this quarter,

it's a seasonally slow quarter for us in florida and we had some cases where in this quarter


primarily driven by the addition of Newgistics, which was not in our results last year and accounts for 6 points of the drop.

primarily driven by the addition of newgistics which was not in our results last year and accounts for 6 points of the drop


quite halfway into our drilling program. We had very good results, and we don't see the need to finish that program

quite halfway into our drilling program we had very good results and we don't see the need to finish that program


help us realize our strategy of applying our GalXC technology across the fields of rare diseases,

help us realize our strategy of applying our galaxy technology across the fields of rare diseases


Can I just follow on that -- for your mobile campaign. Most of the cost is sunk or fixed.

can i just follow on that for your mobile campaign most of the cost is sunk or fixed


We're a company that's shown that we can put money into the market to acquire something and generate value after that.

we're a company that's shown that we can put money into the market to acquire something and generate value after that


they have requirements to make sure that these things really do work. They don't have a lot of resources to

they have requirements to make sure that these things really do work they don't have a lot of resources to


good news for the water French business. It means that a lot of people

it's good news for the water french business it means that a lot of people


In September, we gave guidance for our business outlook for the balance of the fiscal year.

in september we gave guidance for our business outlook for the balance of the fiscal year


which has a higher cost of reinsurance, and conversely, a lower loss ratio than personal residential business.

which has a higher cost of reinsurance and conversely a lower loss ratio than personal residential business


Based on the midpoint of this guidance, we would expect to achieve our 11th consecutive year of earnings growth.

based on the midpoint of this guidance we would expect to achieve our 11th consecutive year of earnings growth


the weather and supply situation in the New England area, which is

the weather and supply situation in the new england area which is


and preparing for the trial in June on Phase 1 of the case around whether the termination was proper.

and preparing for the trial in june on phase 1 of the case around whether the termination was proper


we're cautiously optimistic that this is going to be better than it has been and we'll see how it turns out, but

we're cautiously optimistic that this is going to be better than it has been and we'll see how it turns out but


At the end of the quarter, nonaccruals as a percentage of the total portfolio at cost

at the end of the quarter nonaccruals as a percentage of the total portfolio at cost


On that note, I'd like to turn the call over to Bill to discuss our financial results during the quarter.

on that note i'd like to turn the call over to bill to discuss our financial results during the quarter


continued drag in the first and second quarter and then be somewhat neutral later in the year.


Additionally, robust water and gas gathering infrastructure is driving down operating costs.

additionally robust water and gas gathering infrastructure is driving down operating costs


As for the VLCCs, we expect earnings on these vessels to be significantly stronger in the fourth quarter.

as for the vlccs we expect earnings on these vessels to be significantly stronger in the fourth quarter


or entering into consideration when the -- we have an opportunity

or entering into consolidation when the -- when we have an opportunity


But as you've heard me say at least a few times before, our financial results really don't tell our story very well just yet.

but as you've heard me say at least a few times before our financial results really don't tell our story very well just yet


while maintaining the resources necessary to support our ongoing liquidity needs.


At EagleBank, we focus on average balances because they are really what impact revenue over that period.

at eagle bank we focus on average balances because they are really what impact revenue over that period


The new Medicaid regulations further strengthen the importance of independence in these programs.

the new medicaid regulations further strengthen the importance of independence in these programs


We also feel good about our continued progress with our strategic priority to reduce the company's leverage.

we also feel good about our continued progress with our strategic priority to reduce the company's leverage


but it will not be a lot. It is a structural change that is supposed to last.

but it will not be a lot it is a structural change that is supposed to last


markets by region? Do you prioritize certain banners ? And how much of the process do you own versus the franchisees?

markets by region do you prioritize certain banners and how much of the process do you own versus the franchisees


and following the trend we experienced late in the second quarter through the third quarter and so far into the fourth quarter.


Guinness' momentum continues. The brand is growing in Africa and in Great Britain and Ireland,

guinness momentum continues the brand is growing in africa and in great britain and ireland


or making life easier with easy cocktail recipes or enticing bar recommendations.


when you look at 2018, you're looking at the absence of ConExpo. You're looking at the absence of this accounting issue

when you look at 2018 you're looking at the absence of connect expo you're looking at the absence of this accounting issue


launches of the product for maybe consumers that haven't seen it. So it's not an easy task,

launches of the product for maybe consumers that haven't seen it so it's not an easy task


a more stable development when it comes to order intake overall.


We will aim for increased revenues and income by taking advantage of the strengths of the low-cost structure

we will aim for increased revenues and income by taking advantage of the strengths of the low-cost structure


We expect this capacity to be available in 2017 and help us meet the needs of our customers in a growing market.

we expect this capacity to be available in 2017 and help us meet the needs of our customers in a growing market


and work with our collaborative partners, we have also made some key additions to our board and leadership team.

and work with our collaborative partners we have also made some key additions to our board and leadership team


These investments were consistent with our strategy of focusing on companies that have positive long-term outlooks,

these investments were consistent with our strategy of focusing on companies that have positive long-term outlooks


systems that we're rolling out in Hotel Group are going to have some really positive impacts. And those aren't felt immediately,

systems that we're rolling out in hotel group are going to have some really positive impacts and those aren't felt immediately


As you all know, the entire global economy appears to be slowing. More specifically to us,

as you all know the entire global economy appears to be slowing more specifically to us


We're working on the images of our stations and see good increases on

we're working on the images of our stations and see good increases on


And all this happened while reducing operating expenses to maintain our commitment to fiscal responsibility.

and all this happened while reducing operating expenses to maintain our commitment to fiscal responsibility


we can provide FirstNet quality services on our existing LTE network

we can provide first net quality services on our existing lte network


we're looking forward to trying to get that space completely subleased so that we can stop that


For the full year, we are on track to generate positive adjusted EBITDA at the high end of our guidance range.

for the full year we are on track to generate positive adjusted ebitda at the high end of our guidance range


all the customers. We have experienced some headwinds in terms of increased raw material

all the customers we have experienced some headwinds in terms of increased raw material


was pretty strongly positive. I guess how you are thinking a kind of a normalized level moving into the second half, and what was the biggest

was pretty strongly positive i guess how are you thinking in kind of a normalized level moving into the second half and what's the biggest


We'll be meeting with investors in the coming months. And we look forward to updating you on our progress

we'll be meeting with investors in the coming months and we look forward to updating you on our progress


I think we can all agree that the opportunity in our existing customer base is already quite substantial.

i think we can all agree that the opportunity in our existing customer base is already quite substantial


for our repayments. And on the contrary, of all those discussions, I am glad to mention that

for our repayments and on the contrary of all those discussions i am glad to mention that


which further translates to an indicator of success on our path forward.


We generated very strong levels of gross profit and operating income as well as gross and operating margins.

we generated very strong levels of gross profit and operating income as well as gross and operating margins


The total number of Venmo users who have made a monetizable transaction

the total number of zenmo users who have made a monetizable transaction


Good morning, my name is Leandra, and I will be your conference operator today.

good morning my name is leandra and i will be your conference operator today


going very quickly and very rapidly. They are expanding the amount of linear footage in the stores

going very quickly and very rapidly they are expanding the amount of linear footage in the stores


There is much in flight and much to be excited about surrounding this new channel, which I'll cover in a bit.

there is much in flight and much to be excited about surrounding this new channel which i'll cover in a bit


the patient count up as high as possible, as responsibly as possible, so that we know when you run your models,

the patient count up as high as possible as responsibly as possible so that we know when you run your models


instead buying back shares versus retaining capital to keep your powder dry for future investments, knowing that

instead buying back shares versus retaining capital to keep your powder dry for future investments knowing that


things become normalized again. That's a cycle that we visit every year. And if you look at our trends over the last

things become normalized again that's a cycle that we visit every year and if you look at our trends over the last


to drive sales productivity and profitability growth for many years into the future.


and particularly as we think about turning cold tumors hot and potentially combining such therapy with


positive surprise but as well all other markets were doing well. Now

positive surprise but as well all other markets were doing well now


here in some really high potential, unique opportunities, I think it really talks to

here in some really high potential unique opportunities i think it really talks to


and some of the stability we've been able to add over the past few quarters. Despite the fact, we

and some of the stability we've been able to add over the past few quarters despite the fact we


how comfortable are you -- or I guess how much have you been able to vet of the company? And

how comfortable are you -- or i guess how much have you been able to vet of the company and


We think that this level is both competitive in this environment and, indeed, sustainable in the long term.

we think that this level is both competitive in this environment and indeed sustainable in the long term


You're going to have to exclude some of the severance that's associated today with that,

you're going to have to exclude some of the severance that's associated today with that


and the broadening of our customer reach into the middle ring markets through the ramp-up of our medium density initiative.


so sand really hasn't been a big issue for us. I was looking at some data the other day comparing

so sand really hasn't been a big issue for us i was looking at some data the other day comparing


the trends of the first quarter continued in all traffic regions with no major changes.


A strong increase and ongoing increase in consumer demand for sure has its effect on airfreight.

a strong increase and ongoing increase in consumer demand for sure has its effect on air prices


and very achievable before normal levels of downtime are taken into consideration.


This impact was partially offset by an increase in price mix before retailer marketing investments

this impact was partially offset by an increase in price mix before retailer marketing investments


that we sell into. And I think more than anything, what we need is we need predictability. And I think

that we sell into and i think more than anything what we need is we need predictability and i think


because it does have an economic value. And it does often translate into a monetized value that

because it does have an economic value and it does often translate into a monetized value that


This change of mix is contributing to the gradual reduction in the total cost of retail deposits.

this change of mix is contributing to the gradual reduction in the total cost of retail deposits


the services drop. We were not able to adjust their spend quick enough to keep the margin,

the services drop we were not able to adjust our spend quick enough to keep the margin


we provide a great market channel for that technology to all of our licensees. And

we provide a great market channel for that technology to all of our licensees and


many of which already have a presence in these markets and have the opportunity to drive success more quickly.

many of which already have a presence in these markets and thus have the opportunity to drive success more quickly


and a collection of content that grows and evolves all the time. This remains healthy and robust.

and a collection of content that grows and evolves all the time this remains healthy and robust


we have not yet had clarity that would say that the right solution is to connect the basins.


The foreign exchange benefit for the year creates a meaningful headwind to the DSA operating margin

the foreign exchange benefit for the year creates a meaningful headwind to the dsa operating margin


as we continue to see demand from both large biologics and emerging biologic customers.


On today's call, I will discuss our third quarter results, including an update on our business segments and strategic initiatives.

on today's call i will discuss our third quarter results including an update on our business segments and strategic initiatives


Where do you see this administration going with rules and regulations regarding the Color group

where do you see this administration going with rules and regulations regarding the color group


As I emphasized during the presentation, our objective in this transaction was to show

as i emphasized during the presentation our objective in this transaction was to show


This was our second transaction with Sanchez Energy this year and our first acquisition of gathering and processing assets.

this was our second transaction with sanchez energy this year and our first acquisition of gathering and processing assets


most notably as a result of the high foreign currency losses in Argentina.

most notably as a result of the high foreign currency losses in argentina


Those notes, those expensive notes, became callable a few months ago in December, but at a premium.

those notes those expensive notes became callable a few months ago in december but at a premium


further diversify our portfolio at this moment in time. I think the valuations are way too high in the market

further diversify our portfolio at this moment in time i think the valuations are way too high in the market


I will take it from there and make you some comments on our financial performance and highlight some impacts for you to be aware of.

i will take it from there making some comments on our financial performance and highlighting some impacts for you to be aware of


Additionally, we are planning for the transition of the creative tools business to the programmatic platform,

additionally we are planning for the transition of the creative tools business to the programmatic platform


When we looked at our turnover, we realized that we would be replacing almost half of our sales force each year.

when we looked at our turnover we realized that we were replacing almost half of our sales force each year


I would like to turn the conference back over to Mr. Lloyd McAdams for any closing remarks.

i would like to turn the conference back over to mr lloyd mcadams for any closing remarks


I think that level will be adjustable in terms of loss ratio.

i think that level will be adjustable in terms of loss ratio


is functioning well given what we've seen in terms of volatility in the capital markets. So

is functioning well given what we've seen in terms of volatility in the capital markets so


Our investments this year and those of the Air Force will cover

our investments this year and those of the air force will cover


Second is that we have been, we have gone through the transformation continuously of many of these retail

the second is that we have been -- we have gone through the transformation continuously of many of these retail


So our plan is to propose a dividend policy to our shareholders. We've announced that intention this morning,

so our plan is to propose a dividend policy to our shareholders we've announced that intention this morning


According to the National Institute of Statistics, the National Consumer Price Index

according to the national institute of statistics the national consumer price index


This remains an area where the advantage of Saga's customer knowledge is very clearly evidenced.

this remains an area where the advantage of saga's customer knowledge is very clearly evidenced


We do believe that we will see good opportunities to improve our yields

we do believe that we will see good opportunities to improve our yields


the sales force and the Pivotal team that's going out to their customers and sort of advising them between the sort of

the sales force and the pivotal team that's going out to their customers and sort of advising them between the sort of


players and the Japanese players are not really actively able to sell there. So it's being regulated

players and the japanese players are not really actively able to sell there so it's being regulated


over the last year, and we believe this is a main driver of productivity.

over the last year and we believe this is a main driver of productivity


However, we are of the view that the combined regulations between these types of entities,

however we are of the view that the combined regulations between these types of entities


will you guys use some kind of legal recourse to try to


We finished the year with 3 consecutive months of improvements in each of our 3 internal customer satisfaction scores.

we finished the year with 3 consecutive months of improvement in each of our 3 internal customer satisfaction scores


we are seeing at least from an economic standpoint on top of possible tax reform


but we do expect our leverage to increase somewhat as we onboard the relatively higher levered Hatteras portfolio.

but we do expect our leverage to increase somewhat as we onboard the relatively higher levered hatteras portfolio


Total Work Number records are now approaching 90 million. And I think as you know from your experience with the company,

total work number records are now approaching 90 million and i think as you know from your experience with the company


Said we can't use the Forbes stuff anymore. We used it last year. We could say that we were in that year, but

said we can't use the forbes stuff anymore we used it last year and we could say that we were in that year but


appetite to participate in that changed at all to your


thus generating significant cost savings that will be used to fund this project.


were those which had attracted few assets and were not central to our sales efforts at this time.


That concludes our presentation for today. We'll now answer questions we received earlier in the day from our analysts.

that concludes our presentation for today we'll now answer questions we received earlier in the day from our analysts


their own preview of the data. So in other words, they'll get to see data for whatever they asked us to measure.

their own preview of the data so in other words they'll get to see data for whatever they ask us to measure


prudent way. I think it will be misleading to say that the missed opportunity that you can pick up because

plutonic way i think it would be misleading to say that the missed opportunity that you can pick up because


while their design folks could get design on large capital projects underway and completed. So

while their design folks could get design on large capital projects underway and complete it so


and profitable growth, which leads me then to the rationale for the change in our corporate tax status election.

and profitable growth which leads me then to the rationale for the change in our corporate tax status election


The question is going to be in any of these scenarios is, what's the total capital budget they put towards the build?

the question is going to be in any of these scenarios is what's the total capital budget they put towards the building


I mean, I think the important thing here is that we are investing in these offerings, and

i mean i think the important thing here is that we are investing in these offerings and


rather than by product type, can you talk about customer types? Are you seeing any change in the customer behavior

rather than by product type if you talk about customer types are you seeing any change in the customer behavior


as a result of obtaining the license to run reinsurance activities at the holding level,


As we indicated on the February earnings call, we saw strong order trends in the first several weeks of the year,

as we indicated on the february earnings call we saw strong order trends in the first several weeks of the year


improved balance sheet and reduced interest expense, we feel good about our future.

improved balance sheet and reduced interest expense we feel good about our future


so I think that's a major consideration. I think someone may be able to develop a product and

so i think that's a major consideration i think someone may be able to develop a product and


there's less pressure and probably the time to implement anything out of EPA has moved out in time.

there's less pressure and probably the time to implement anything out of epa has moved out in time


The fourth quarter in general tends to be much more predictable. It's kind of our lowest quarter of the season.

the fourth quarter in general tends to be much more predictable it's kind of our lowest quarter of the season


and our brand is better known, it's going to take time to find the replacement channels that can do the same sorts of volumes.

and our brand is better known it's going to take time to find replacement channels that can do the same sorts of volumes


Going back against one of the reasons that we are very excited about this market is

going back against one of the reasons that we are very excited about this market is


because they're taking more room nights with us. We think because of that tool, when we study the users of the booking tool

because they're taking more room nights with us we think because of that tool when we study the users of the booking tool


we are now experiencing some revenue generation synergies from the combination of these 2 businesses.


that are showing some very promising results. It takes time for them to scale up to the right level.

that are showing some very promising results it takes time for them to scale up to the right level


Now speaking about net debt. Here, we have a significant decrease

now speaking about net debt here we have a significant decrease


our objective is to have nominal and percentage reductions in expenses.


they haven't been able to post such high growth as you were able to do it. And

they haven't been able to pull such high growth as you were able to do it and


based on our core value that our medicines must be fairly priced and broadly accessible.


plans for newbuilds over there? When do you see those orders going to come through? Are you building up for that or is this

plans for new builds over there when do you see those orders starting to come through are you building up for that or is this


half of the year. We're going to continue to struggle with volumes in automotive. I don't see any improvement in that.

half of the year we're going to continue to struggle with volumes in automotive i don't see any improvement in that


such as large mergers and acquisitions, that can cause our annual dollar retention to fluctuate.

such as large mergers and acquisitions that can cause our annual dollar retention to fluctuate


Rob, I'll turn it over to you to continue with further detail relative to the financial results.

rob i'll turn it over to you to continue with further detail relative to the financial results


Thank you for taking the time to join us today and for your ongoing interest in Star Group.

and thank you for taking the time to join us today and for your ongoing interest in stock group


On today's call, Rob Butler, Vice President of Finance, will begin by reviewing our fourth quarter results.

on today's call rob butler vice president of finance and admin will begin by reviewing our fourth quarter results


Before I talk about our future, I'd like to review a few of the highlights included in our first quarter press release.

before i talk about our future i'd like to review a few of the highlights included in our first quarter press release


Customers have been increasingly requesting longer-term leases to give them more certainty, and the extended portfolio duration

customers have been increasingly requesting longer-term leases to give them more certainty in the extended portfolio duration


So we expect an improved performance in Q4 versus the previous quarter as a result of the holiday season.

so we expect an improved performance in q4 versus the previous quarter as a result of the holiday season


we will continue to be disciplined around not spending if the appropriate returns are not available.


it's very difficult because we can't earn money on cost we don't spend.

it's very difficult because we can't earn money on costs we don't spend


to take a reduction in what we believe we're entitled to, to close them out and collect

to take a reduction in what we believe we're entitled to to close them out and collect


and a disciplined capital program, leverage should ultimately come down to much more reasonable levels.

and a disciplined capital program leverage should ultimately come down to much more reasonable levels


That brings me to return to shareholders, the last slide in my presentation.

that brings me to return to shareholders the last slide in my presentation


coming in daily now, and it would be about where I would expect it to be. So

coming in daily now and it would be about where i would expect it to be so


would you look to address that sooner rather than later once the markets return as I think you've

would you look to address that sooner rather than later once the markets return as i think you


that this product should be within that band. And from our point of view,

that this product should be within that band and from our point of view


As I told you before, the first milestone of the integration are very encouraging

as i told you before the first milestone of the endurance are very encouraging


so I'd like to provide a recap of the overall deal with SPI to put this into context.

so i'd like to provide a recap of the overall deal with sbi to put this into context


Our operating expenses continue to come in under prior year numbers.

our operating expenses continue to come in under prior year numbers


there's work to be done in certain brands. But we feel confident given where we already are

there's work to be done in certain brands but we feel confident given where we already are


And that's the very thing that we're concentrating on. As a matter of fact, we defined the turnaround in this organization

and that's the very thing that we're concentrating on as a matter of fact we've defined the turnaround in this organization


done for the client and is up for renewal? I just want to make sure that's incremental when I think about it.

done for the client and is up for renewal i just want to make sure that's incremental when i think about it


The year-over-year increase also reflects the favorable impact of a weaker U.S. dollar principally against the British pound.

the year-over-year increase also reflects the favorable impact of a weaker u s dollar principally against the british pound


to provide a better client interface and analytics, including mobile capabilities.

to provide a better client interface and analytics including mobile capabilities


the underlying trend is more than you thought it was going to be going into the quarter. So

the underlying trend is more than you thought it was going to be going into the quarter so


Now this is admittedly a small number, but we hope to see continued improvement from these products going forward.

now this is admittedly a small number but we hope to see continued improvement from these products going forward


We believe this weakness is temporary, and the leadership team in that business has seen similar cycles in the past.

we believe this weakness is temporary and the leadership team in that business has seen similar cycles in the past


as well as the recognition of project improvements associated with a couple of projects nearing completion.


cards and capital markets and international banking service fees all contributed to that growth.


Consistent well performance combined with sustained low well cost and operational costs contributed to the Eagle Ford achieving

consistent well performance combined with sustained low well cost and operational cost contributed to the eagle ford achieving


The outperformance of these new wells allowed our Trinidad division to produce 15 million cubic feet

the outperformance of these new wells allowed our trinidad division to produce 15 million cubic feet


So I agree, and our Indian organization is obviously very close, agrees that we will see a certain

so i agree and our indian organization is obviously very close agrees that we will see a certain


I think internationally, when we find a very good bottler and we believe that they can run the business better than us,

i think internationally when we find a very good bottler and we believe that they can run the business better than us


But then overall, when we look at the sequence of the following years, never forget

but then overall when we look at the sequence of the following years never forget


In relation to working capital, the businesses continue to drive towards best-in-class.

in relation to working capital the businesses continue to drive towards best-in-class


in the second half and can you give us some feeling for how that net capitalization number is going to be evolving, given it's

in the second half and can you give us some feeling for how that net capitalization number is going to be evolving given it's


Our second quarter bookings reflect healthy market conditions across all regions and product groups.

our second quarter bookings reflect healthy market conditions across all regions and product groups


and the core product, are becoming more and more blurred. So that's why we have chosen to no longer represent that.

and the core product are becoming more and more blurred so that's why we have chosen to no longer represent that


We need to continue the journey of optimizing postpaid and the next battlefield for us is South Africa's enterprise.

we need to continue the journey of optimizing postpaid and the next battlefield for us in south africa's enterprise


how they engage with outlets and brands and how we build the best incubator for new brands.


We encourage you to review the disclaimer in the press release or the slide deck dealing with forward-looking information,

we encourage you to review the disclaimer in the press release or the slide deck dealing with forward-looking information


low ordering and potentially further consolidation may sow the seeds of recovery in the medium term.


we will grow same-store sales 5% to 10% and that we will have leverage in line with the last few years.


in the regions of the world where you have available UAN, it is a very effective and efficient fertilizer.

in the regions of the world where you have available uan it is a very effective and efficient fertilizer


With that, now I'll turn the call over to Bruce for a summary of our financial performance.

with that now i'll turn the call over to bruce for a summary of our financial performance


We continue to believe that any such action would not have a material impact on our business.

we continue to believe that any such action would not have a material impact on our business


And we want to make sure that we're comfortably within the bumpers of what is investment grade.

and we want to make sure that we're comfortably within the bumpers of what is investment grade


But boy, the -- it's not serial production, and so they've got a big long list of things that they are

but boy though it's not serial production and so they've got a big long list of things that they are


This increase was driven primarily by our recent acquisitions and a reduction in pension income.

this increase was driven primarily by our recent acquisitions and a reduction in pension income


And so it impacted service EBITDA margins.

and so it impacted service ebitda margins


Some of that reduction, though, on the wet side has been offset by new drilling in the dry Utica, and

some of that reduction though on the wet side has been offset by new drilling in the dry utica and


and capture the market opportunity ahead of us. We look forward to updating you on our progress in the future.

and capture the market opportunity ahead of us we look forward to updating you on our progress in the future


We called it out separately because we didn't think it would repeat. But lo and behold, it did repeat in the first half of this year. Very late in the first half,

we called it out separately because we didn't think it would repeat but lo and behold it did repeat in the first half of this year very late in the first half


you guys are trying to find reasons not to disclose and not really looking at some of the benefits, so what do you think there?

you guys are trying to find reasons not to disclose and not really looking at some of the benefits so what do you think there


We are also confident that our marketing efforts have continued to expand and strengthen our relationships within the lower middle market,

we are also confident that our marketing efforts have continued to expand and strengthen our relationships within the lower middle market


bring your designation to a vote? Can you talk a little bit about how that process might work?

to bring your designation to a vote can you talk a little bit about how that process might work


And we achieved those good set of earnings despite

and we achieved those good set of earnings despite


So the focus will be on that. So all this will -- and as you get higher volumes, you will also have

so the focus will be on that so all this will -- and as you get higher volumes you will also have


Margins were down sequentially in line with previous guidance as our Lafayette campus had a production down week in July

margins were down sequentially in line with previous guidance as our lafayette campus had a production down week in july


as compared to the first half of the year, as our mix continues a bit more skewed to some of the lower margin products.

as compared to the first half of the year as our mix continues a bit more skewed to some of the lower-margin products


At our Western Timberland operations, we expect second quarter harvest volumes will be comparable to the first quarter.

in our western timberland operations we expect second quarter harvest volumes will be comparable to the first quarter


These favorable signs are balanced however by continued constraints around labor and lot availability.

these favorable signs are balanced however by continued constraints around labor and lot availability


I want to welcome Jim to his first quarterly conference call and say that we are already benefiting from his extensive REIT experience.

i want to welcome jim to his first quarterly conference call and say that we're already benefiting from his extensive reit experience


to all the best places to sell, giving them the opportunity to reach more buyers and drive greater sales.

to all the best places to sell giving them the opportunity to reach more buyers and drive greater sales


We processed just shy of 10 billion transactions in the year.

we processed just shy of 10 billion transactions in the year


is supportive of the amount of operating cash flow we expect for the full year.


So while the healthy volunteer study and some of the additional safety studies it requires have moved our IND filing

so while the healthy volunteer study and some of the additional safety studies it requires have moved our ind filing


The overall performance of each geography is roughly in line with what is to be expected given their economic context.

the overall performance of each geography is roughly in line with what is to be expected given their economic context


than we had even a few months ago. But first let me talk about some of the progress we made during the quarter.

than we had even a few months ago but first let me talk about some of the progress we made during the quarter


As noted last quarter, we do still see projects slipping to the right driven by labor shortages in the market.

as noted last quarter we do still see projects slipping to the right driven by labor shortages in the market


into the equity, which then becomes capital available. So it's not an immediate offset to capital required.

into the equity which then becomes capital available so it's not an immediate offset to capital required


that tends to pull down the average fee rate in the fixed income category.


I would like to thank our people around the world for staying focused on our goals, notably safety,

i would like to thank our people around the world for staying focused on our goals notably safety


Okay. Great. Why don't we go to the next live question?

okay great and why don't we go to the next live question


that's going to be ready for commercial deployment. There are a lot of different tests and experiments and simulations

that's going to be ready for commercial deployment there are a lot of different tests and experiments and simulations


it's also important to work with productivity and have a stable production and increased productivity. And we measure that

it's also important to work with productivity and have stable production and increase productivity and we measure that


If we look back at the more than 60 years since Mitsubishi Corporation was founded,

if we look back at the more than 60 years since mitsubishi corporation was founded


Please note that some of these movements are driven by the geographical mix.

please note that some of these movements are driven by the geographical mix


And so that's one way that we're trying to be smart about, how we can

and so that's one way that we're trying to be smart about how we can


That is going to be the engine of growth for us in the B2B space. So we have to invest in products. We have to invest in people.

and that is going to be the engine of growth for us in the b2b space so we have to invest in products we have to invest in people


I think we learned a lot last -- this year, in the first half of the year about our

i think we learned a lot last -- this year in the first half of the year about our


This business line will grow significantly throughout the year as we enrich and expand our product and service offering.

this business line will grow significantly throughout the year as we enrich and expand our product and service offering


And it is on a quick delivery cycle, is very much desired by these customers.

and it is on a quick delivery cycle is very much desired by these customers


than some of the more mature markets, which means the new growth opportunities need to be served. So if we're going to build

than some of the more mature markets which means the new growth opportunities need to be served so if we're going to build new


In the meantime, I'd like to share a few thoughts on our results for the second quarter and progress on several key initiatives.

in the meantime i'd like to share a few thoughts on our results for the second quarter and progress on several key initiatives


pretty well cleaned up. We're punching it out now and be commissioned next month. So we'll be in good shape there for showings.

pretty well cleaned up we're punching it out now and be commissioned next month so we'll be in good shape there for showings


and we look forward to benefit next summer from the new Mountain coasters and canopy tours at both Vail and Heavenly.

and we look forward to benefits next summer from the new mountain coasters and canopy tours at both vale and heavenly


Turning to our merchandise category growth drivers. We remain pleased with our home performance.

turning to our merchandise category growth drivers we remain pleased with our home performance


revenue trajectory for 2019? Does that clearance base represent a hurdle you need to jump over?

revenue trajectory for 2019 does that clearance base represent a hurdle you need to jump over


And we believe that with servicing our accounts better, doing our marketing and messaging better

and we believe that with servicing our accounts better doing our marketing and messaging better


And we announced that to our field the night before so that they could prepare and let their customers know.

and we announced it to our field the night before so that they could prepare and let their customers know


So the way we look at it, Dylan, is that in the later stage

so the way we look at it dylan is that in a later stage


if you think about private label, David, they tend to be almost always our short

if you think about private label david they tend to be almost always are short


and we aim to become one of the leaders in the low molecular weight heparin field worldwide.

and we aim to become one of the leaders in the low molecular weight polyethylene field worldwide


from the oil cargo that was sold with crude oil inventory that had been built up from prior periods.


We lapped the effect of these transactions by the end of Q2. Second,

we lapped the effect of these transactions by the end of q2 second


We are confident in our ability to satisfy -- to fully satisfy these notes at maturity.

we are confident in our ability to satisfy -- to fully satisfy these notes at maturity


We're restructuring our businesses to improve competitiveness and returning cash to shareholders.

we're restructuring our businesses to improve competitiveness and returning cash to shareholders


and to Russia and the Middle East, in particular, where activity is strongest and where we can secure the best returns.

and to russia and the middle east in particular where activity is strongest and where we can secure the best returns


I'd expect that to repeat again in the third quarter and then ramp down in the fourth quarter

i'd expect that to repeat again in the third quarter and then ramp down in the fourth quarter


as well as the ability of our customers to fully catch up on work deferred from the first half.


We have outlined specific goals, are on track to meet or exceed these goals,

we have outlined specific goals are on track to meet or exceed these goals


And then finally, could you just quantify for us the management fee you expect to receive

and then finally could you just quantify for us the management fee you expect to receive


Is there anything that you'd entertain pruning at this point or are we too premature to think that way?

is there anything that you entertain pruning at this point or are we too premature to think that way


we would certainly comment on it as soon as we could in a call or other open environment.


So it's put a lot of pressure on the company, still we're really happy with the accomplishments we've done.

so it's put a lot of pressure on the company still we're really happy with the accomplishments we've done


The second quarter was also highlighted by margin expansion, stable credit quality and strong capital levels.

the second quarter was also highlighted by margin expansion stable credit quality and strong capital levels


as we capitalized on continued strong market conditions and increased export demand from China.

as we capitalize on continued strong market conditions and increased export demand from china


A recent positive development was the decision to suspend the medical device tax for 2 years.

a recent positive development was the decision to suspend the medical device tax for 2 years


On Slide 7, we talk a bit about the company's financial performance.

on slide 7 we talk a bit about the company's financial performance


But in general, I think that's an important piece to the future. Perhaps it's not as linked to our Flavors group

but in general i think that's an important piece to the future perhaps it's not as linked to our flavors group


I am pleased with the progress that we've made in Asia Pacific, and we see a very bright future in these markets.

i am pleased with the progress that we've made in asia pacific and we see a very bright future in these markets


We want to continue to demonstrate that the company can operate at these types of levels

we want to continue to demonstrate that the company can operate at these types of levels


which will allow us to better understand customer behavior and the impact of distributed technologies on the network.


will deliver benefits to the company longer term. And as a result of that, if we get the lift

will deliver benefits to the company longer term and as a result of that if we get the lift


to anybody third party is not allowed based on the business combination agreement.

to a -- anybody third party is not allowed based on the business combination agreement


The question is whether we should wait for an update of the strategic plan

the question is whether we should wait for an update of the strategic plan


We expect inventories will return to targeted turn levels over the next several quarters.

we expect inventories will return to targeted turn levels over the next several quarters


We'll have some seasonal swings in the first quarter in particular, where we have a lot of expenses related to

you'll have some seasonal swings in the first quarter in particular where we have a lot of expenses related to


the volumes in July down 2%. Wondering how that would compare to the overall market. Just trying to get an assessment of

the volumes in july down 2% wondering how that would compare to the overall market just trying to get an assessment of


the application set with the pipeline having a gas, right? And they're very clear about these sites having kind of a 2-tier strategy

the application set with the pipeline having the gas right and they're very clear about these sites having kind of a 2-tier strategy


our financial highlights deck and SGI's audited statutory basis financial statements.

our financial highlights deck and sgi's audited statutory basis financial statements


And maybe just talk about that point a little bit. We see that the fifth wheel shipments have been perking up as of late.

maybe just talk about that point a little bit we see that the fifth wheel shipments have been perking up as of late


It required a number of process improvements and difficult choices throughout the year.

it required a number of process improvements and difficult choices throughout the year


our business needs and capital structure. We do not have any further information to provide on the dividend rate at this time.

our business needs and capital structure we do not have any further information to provide on the dividend rate at this time


We're pleased with the fleet growth we're seeing in our SelectCare full service and preventative product lines.

we're pleased with the fleet growth we're seeing in our selectcare full service and preventative product lines


This is an example of the type of innovative study designed to provide useful information to clinicians

this is an example of the type of innovative study designed to provide useful information to clinicians


based on how aggressive you've been really this whole year on the share buyback and how the board has

based on how aggressive you've been really this whole year on the share buyback and how the board is


On the synergy front, we expect to exceed the cost reduction and the revenue enhancement targets for this year and the coming years.

on the synergy front we expect to exceed the cost reduction and the revenue enhancement targets for this year and the coming years


Before we begin with prepared remarks, we submit for the record the following safe harbor statement.

before we begin with prepared remarks we submit for the record the following safe harbor statement


and we'd rather be 2 weeks late than 2 weeks early on that recovery because it's so hard to predict.


Now due to that risk, Spectrum Brands encourages you to review the risk factors and cautionary statements

now due to that risk spectrum brands encourages you to review the risk factors and cautionary statements


definitive agreements between the company and new GCU have not been signed and key terms remain subject to analysis,

definitive agreements between the company and new gcu have not been signed and key terms remain subject to analysis


a lot of the public events that the cities will do for their particular city whether it's


We have a deep bench of talent throughout our firm and take succession planning seriously.

we have a deep bench of talent throughout our firm and takes succession planning seriously


initially in order to fully appreciate the value that could be provided to the marketplace


and clearly with no repeat of Monarch coming hopefully in the current year compared to last year.

and clearly with no repeat of monarch coming hopefully in the current year compared to last year


Less than 5% of our multifamily book is in Texas, with most of these properties located in Dallas or Austin.

less than 5% of our multifamily book is in texas with most of these properties located in dallas or austin


And the sales and marketing team are aggressively speaking with customers in terms of putting those vessels back to work.

and the sales and marketing team are aggressively speaking with customers in terms of putting those vessels back to work


the appropriate benchmark for capital requirements is to think of capital requirements growing with premium.


Orders for projects grew in the third quarter, but at a slower pace than during the first half of this year.

orders for projects grew in the third quarter but at a slower pace than during the first half of this year


But the product is designed to offer benefits to customers when

but the product is designed to offer benefits to customers when


Now, going into 2018, I think we're hopeful that the transaction pace will pick up and that the

now going into 2018 i think we're hopeful that the transaction pace will pick up and that the


So all the tax credits that we have now are going to be applied in the future, and you're just talking about prospective loss of tax credit.

so all the tax credits that we have now are going to be applied in the future and you're just talking about prospective loss of tax credit


Well thank you, operator, and thank you everyone for participating. We look forward to speaking with you again next quarter.

well thank you operator and thank you everyone for participating we look forward to speaking with you again next quarter


is there a new truck required for this which is -- which will conform to these

is there a new truck required for this which is -- which will confirm to these


As you can see, pharmacy is the growth engine of our business. Just as important,

as you can see pharmacy is the growth engine of our business just as important


while still offering a strong value proposition for the patients and customers in the markets we serve.


and the power plants and industrial customers are looking at a connection with REX that allows them to access both the

and the power plants and industrial customers are looking at a connection with rex that allows them to access both the


with a lot of growth. If I look at mortgage revenue as a percentage of total revenue,

with a lot of growth if i look at mortgage revenue as a percentage of total revenue


The loyalty space obviously, particularly around redemptions, but it could be around point earning as well

the loyalty space obviously particularly around redemptions but it could be around point earning as well


ranging from destination tours and day trips, like shark cage diving in South Africa

ranging from destination tours and day trips like shark cage diving in south africa


due to the difficulty in reliably projecting this expense as it is impacted by volatility and price per stock

due to the difficulty in reliably projecting this expense as it is impacted by volatility in price of our stock


And we think that this fund being a little bit smaller, a little bit more nimble, we'll have the ability to be able to invest in that.

and we think that this fund being a little bit smaller a little bit more nimble will have the ability to be able to invest in that


I don't have an update on the timing for publication of the DAWN data. I think you really have to look at all of those factors,

i don't have an update on the timing for publication of the dawn data i think you really have to look at all of those factors


I would say the answer is going to be both medical management and re-contracting,

i would say the answer is going to be both medical management and recontracting


an announcement about the realignment of the group management structure and the appointment of the cmo


If you turn to the next slide, you will see how we have performed over the past 2 years through very different crude price environments.

if you turn to the next slide you will see how we have performed over the past 2 years through very different crude price environments


despite the decrease of the market


All of these transactions are described in recent news releases, and Brian will speak more to them later.

both of these transactions are described in recent news releases and brian will speak more to them later


We are also integrating FDA feedback into our approach and timing

we are also integrating fda feedback into our approach and timing


If you make a comparison or contrast the total amount of virus

if you make a comparison or contrast the total amount of virus


including 10 key markets. We believe that as we continue to open stores and build our wholesale base,

including 10 key markets we believe that as we continue to open stores and build our wholesale base


and when those life events happen, it's a chance for people to reconsider all their choices, not just electricity. So

and when those life events happen it's a chance for people to reconsider all their choices not just electricity so


To what extent is this kind of a sneak peek or is this really kind of separate and distinct from your other efforts here?

to what extent is this kind of a sneak peek or does -- is this really kind of separate and distinct from your other efforts here


that in a market that is so rapidly declining, it also has a very negative effect.

that in a market that is so rapidly declining it also has a very negative effect


I'll now turn the call over to Danny to take you through an update on our corporate level activities and financial results. Danny?

i'll now turn the call over to danny to take you through an update on our corporate level activities and financial results danny


would be a great opportunity for UQM and potentially lead to additional business in the region.

would be a great opportunity for uqm and potentially lead to additional business in the region


I have admired Chipotle for many years, and I'm excited to have the opportunity to lead the future direction of this incredible company.

i have admired chipotle for many years and i'm excited to have the opportunity to lead the future direction of this incredible company


for ways to secure land and commercial property


And we saw a major transition there as we moved from

and we saw a major transition there as we moved from


integrate and take advantage of those. I think it's really more a matter of leveraging

to integrate and take advantage of those i think it's really more a matter of leveraging


the complexities of certain process changes, especially given the industry that we're in,

the complexities of certain process changes especially given the industry that we're in


what we can reflect in our guide is what gets communicated from our customer base.


Future technology inflections are more capital-intensive, and we have a pipeline of new capabilities that create

future technology inflections are more capital intensive and we have a pipeline of new capabilities that create


I'm not sure we're 2-0, but we are showing our ability to close the gap with our public competitors like never before.

i'm not sure we're 2 0 but we are showing our ability to close the gap with our public competitors like never before


We did ramp the new partners in the fourth quarter and have just begun seeing the impact of those efforts in the last 3 weeks.

we did ramp the new partners in the fourth quarter and have just begun seeing the impact of those efforts in the last 3 weeks


as just being we got to pick some point in time and this could

as just being -- well we got to pick some point in time and this could


and what we think we can do on the property side. But the overall goal is to grow a high-quality pool of cash flow

and what we think we can do on the property side but the overall goal is to grow a high-quality pool of cash flow


Actual results may differ materially, and we do not undertake any duty to update any forward-looking statements.

actual results may differ materially and we do not undertake any duty to update any forward-looking statements


Next question is, how much of the SAC cost is still left on your balance sheet?

next question is how much of the sac cost is still left on your balance sheet


obviously be -- your stance is that it has to also apply to your previous as well


It's been a little bit choppy. I mean, I think that you've seen the commentary from some other competitors which,

it's been a little bit choppy i mean i think that you've seen the commentary from some other competitors which


I can tell you, we're looking at a couple of things right now, where we just wanted to keep dry powder at the company level.

i can tell you we're looking at a couple of things right now where we just wanted to keep dry powder at the company level


provide to other platforms. I think a lot of the positives that Marlin has and then obviously, Marlin gets the benefit of

provide to other platforms i think a lot of the positives that marlin has and then obviously marlin gets the benefit of


the wobble of reactivation cost become more relevant, understand you've taken care of rigs and all that, but

the wobble of reactivation costs become more relevant i understand you've taken care of rigs and all of that but


and the evolution toward digital solutions that provide analytics and successful outcomes.


we have learned that the number of large load requests can be an indicator of the potential for economic growth.


in that category. And we are not currently running regulatory studies in other surgery indications, but

in that category and we are not currently running regulatory studies in other surgery indications but


This combined business will improve our positioning in the marketplace with our clients and the consulting community.

this combined business will improve our positioning in the marketplace with our clients and the consulting community


which was largely a factor of onetime cost associated with the company's acquisition in transition of the Resultz business

which was largely a factor of onetime costs associated with the company's acquisition and transition of the results business


on the books that could eventually rotate out of the portfolio. What was the average yield on those assets?

on the books that could eventually rotate out of the portfolio what was the average yield on those assets


to make certain that was the case, we took a pretty hard look at changes in American Chartered loan balances,

to make certain that was the case we took a pretty hard look at changes in american charter loan balances


and in particular, increase the contribution of our fee businesses relative to our interest margin businesses.

and in particular increase the contribution of our fee businesses relative to our interest margin businesses


including good progress in our molecular imaging program as well as improvements to our endoscopes and image processing algorithms.


they are bifurcated. When you go to a Gander Outdoors location, it is the same exact concept.

they are bifurcated when you go to a gander outdoors location it is the same exact concept


in those stores. And it did tell us something, that if we can be more efficient and more selective

in those stores and it did tell us something that if we can be more efficient and more selective


we do enjoy normal rebate programs and aging assistance because of the sheer volume.


Look, I can't speak to what's happening with other dealers. I know that our inventory is in great shape.

look i can't speak to what's happening with other dealers i know that our inventory is in great shape


just to make sure it was performing well before we started putting it in a real deep stack.


we have made this business now more global. And we have very rapidly, compared to our competitors in food,

we have made this business now more global and we have very rapidly compared to our competitors in food


conference call last quarter, we spent a lot of time talking about what happens over quarter and then

conference call last quarter we spent a lot of time talking about what happens over quarter end and


they have already also in their results the impact of the installation services for the Rieter machines business,

they have already also in their results the impact of the installation services for the rita machines business


The new contract has an initial term of 2 years and is renewable for additional periods by mutual agreement.

the new contract has an initial term of 2 years and is renewable for additional periods by mutual agreement


Adverse exchange, the impact of disposals and a higher tax rate had an adverse impact.

adverse exchange the impact of disposals and a higher tax rate had an adverse impact


in the same way as a traditional spirit, in a cocktail, with a mixer or on the rocks.

in the same way as a traditional spirit in a cocktail with a mixer or on the rocks


but it sure does help when we've been successfully carrying the product for a bunch of years now.


as over half of it is from the combination of the Island Marine acquisition completed January last year,

as over half of it is from the combination of the island marine acquisition completed january last year


and some selective rate increases in both workers' compensation and commercial auto.


Now I'll turn the call over to Shelby to provide some details on our financial and operating results. Shelby?

now i'll turn the call to shelby to provide some details on our financial and operating results shelby


As you are all aware, discussions regarding health care reform continue.

as you are all aware discussions regarding health care reform continue


We do this by helping them adjust their workforce needs to their business strategies.

we do this by helping them adjust their workforce needs to their business strategies


the possibility of growing the associated services, the creation of communities among our customers,

the possibility of growing associated services the creation of communities among our customers


Over the last decade, we took a number of bold actions to create today's Mondelez International.

over the last decade we took a number of bold actions to create today's mondelez international


If you look at last year when we talked about meeting at this time, we were starting see a bit of a slowdown in Egypt

if you look at -- last year when we talked about mean at this time we were starting to see a bit of a slowdown in egypt


Cadbury Dairy Milk was up high single digits, and Bubbly is off to a strong start.

cadbury dairy milk was up high single digits and bubbly is off to a strong start


Notwithstanding that, you'd heard me say a year ago we wanted to sequence things in a way that was very deliberate.

notwithstanding that you'd have heard me say a year ago we wanted to sequence things in a way that was very deliberate


any online competition or any significant online competition at this moment in your markets?


That decision is generally easier and not as complicated to navigate. So I think

that decision is generally easier and not as complicated to navigate so i think


In that regard, we continue to realize the synergy from the Murray Energy transaction that took place in the second quarter.

in that regard we continue to realize the synergy from the murray energy transaction that took place in the second quarter


mean this is the right way to grow this business is frankly getting more customers because once we get the customers in,

i mean this is the right way to grow this business is frankly getting more customers because once we get the customers in


and leveraged the strength of our business model to deliver excellent top line growth and strong profitability.

and leverage the strength of our business model to deliver excellent top line growth and strong profitability


Many of the fleets were hurt significantly during the downturn as many of us were

many of the fleets were hurt significantly during the downturn as many of us were


So we see it -- we've had some very interesting discussions, some just in the last 24 hours

so we see it -- we've had some very interesting discussions some just in the last 24 hours


or as we execute our capital allocation strategy, you will find a time when it becomes important to take a position in us.

whereas we execute our capital allocation strategy you will find a time when it becomes important to take a position in us


for this project -- for this product. And we see very, very strong demand for the games that are launched.

for this project -- for this product and we see very very strong demand for the games that are launched


metrics will continue to improve and were dampened a little bit by some of the things going on with On Time,

metrics will continue to improve and we're dampened a little bit by some of the things going on with on-time


Within corporate services, the momentum of new business wins shows no signs of slowing.

within corporate services the momentum of new business wins shows no signs of slowing


Importantly, without the need to dose patients with lower dose levels that are likely subtherapeutic. A

importantly without the need to dose patients with lower dose levels that are likely subtherapeutic


one event but not really in the context of the length of the -- of what people might have thought over the time of the contract. So

one event but not really in the context of the length of the -- of what people might have thought over the time of the contract so


First, the government was required to again release another set of private documents in the litigation.

first the government was required to again release another set of private documents in the litigation


the data collected will be several times greater than any other accuracy study completed today.

the data collected will be several times greater than any other accuracy study completed to date


Retirement services revenue growth was offset by pricing impacts in the respective prior-year period.

retirement services revenue growth was offset by pricing impacts in the respective prior year period


as we mitigated the impact of inflation and GST with a combination of positive mix,

as we mitigated the impact of inflation and gst with a combination of positive mix


And as far as the growth that we're seeing in the more differentiated segments of the market,

and as far as the growth that we're seeing in the more differentiated segments of the market


In addition, our regulatory activity continues to contribute to both earnings growth at this business.

in addition our regulatory activity continues to contribute to both earnings growth at this business


We also retain the ability to repurchase our own shares opportunistically when we believe they represent an attractive value.

we also retain the ability to repurchase our own shares opportunistically when we believe they represent an attractive value


I can't see any large Swedish or for that sake, Scandinavian developer who

i can't see any large swedish or for that sake scandinavian development who


So we haven't seen very many pressure issues or significant increases in line pressure where we're operating.

so we haven't seen very many pressure issues or significant increases in line pressure where we're operating


but by implementing these projects below expected cost, we've been able to further drive the growth in incremental margin.

but by implementing these projects below expected cost we've been able to further drive the growth in incremental margin


We continue to make great progress in our current strategic priorities. So let me share a few highlights from the quarter.

we continue to make great progress in our current strategic priorities so let me share a few highlights from the quarter


All projections are subject to risks and uncertainties, and actual results may differ materially.

all projections are subject to risks and uncertainties and actual results may differ materially


and summarize our new product launches. We acquired a specialized tool company called Equalizer in the corner

and summarize our new product launches we acquired a specialized tool company called equalizer in the corner


and we are the only post-acute provider that will have all of its patients on an electronic medical record system


We're looking at a possible new line in one of our other sites at the moment and having discussions internally

we're looking at a possible new line in one of our other sites at the moment and having discussions internally


framework. And that allows us to keep on scaling up. And that gives us an opportunity also

and that allows us to keep on scaling up and that gives us an opportunity also


as well as other innovative initiatives that we will comment on with


Aside from this expansion, we include terraces, entertainment areas and restaurants.

aside from this expansion we include terraces entertainment areas and restaurants


the point that -- on your first question with Mike would be on the productivity. One of the other things that we've seen has been very positive is

the point that on your first question with mike would be on the productivity one of the other things that we've seen has been very positive is


And we still believe that using Green Plains Partners as a growth vehicle in downstream

and we still believe that using green plains partners as a growth vehicle in downstream


or growth in production, which means others are either not able to ramp up quite as much as they thought or

or growth in production which means others are either not able to ramp up quite as much as they thought or


And finally, we are confident in delivering on our 3 key financial priorities

and finally we are confident in delivering on our 3 key financial priorities


The company undertakes no obligation to update these statements except as required by law.

the company undertakes no obligation to update these statements except as required by law


Educational institutions are placing a greater focus on safety than ever before.

educational institutions are placing a greater focus on safety than ever before


We just concluded the 90-day operational phase of the 2 train lenders test in July,

we just concluded the 90-day operational phase of the 2-train lenders test in july


Typically, a well will pressure up and unload significant water volumes, accompanied by increased oil and gas rates.

typically a well will pressure up and unload significant water volumes accompanied by increased oil and gas rates


because customers are asking that. But we've been hearing that same thing for the last 5 years, quite frankly.

because customers are asking that but we've been hearing that same thing for the last 5 years quite frankly


My 4 priorities since taking over as the CEO in April of this year have been the following.

my 4 priorities since taking over as the ceo in april of this year have been the following


We expect to introduce our second-generation MTO catalyst, before the end of this year.

we expect to introduce our second-generation mto catalyst before the end of this year


look at new business in Q1. It was a record in U.S. Retail, it was a record worldwide. By the way, that's a record on top of a record. It was

look at new business in q1 it was a record in u s retail a record worldwide by the way that's a record on top of a record it was


are not seeing that or if you're perhaps gaining some share from peers? What's sort of your assessment more in the core part of the business?

are not seeing that or if you're perhaps gaining some share from peers what's sort of your assessment more on the core part of the business


And by the way, you see that in risk solutions, and you see that in HR solutions, both. So these investments we've been making over time,

and by the way you see that in risk solutions and you see that in hr solutions both so these investments we've been making over time


This decrease was partially offset by an increase in International equipment revenue.

this decrease was partially offset by an increase in international equipment revenue


driven by improved recent operating results and execution of certain tax planning opportunities.


to be able to basically drive that technology across the market in one fell swoop through the standards process. So


I'm happy to say that the team continues to execute very well on capturing both

i'm happy to say that the team continues to execute very well on capturing both


We intend to transition certain laboratory operations to the new site at a measured pace,

we intend to transition certain laboratory operations to the new site at a measured pace


There are many factors that can influence the company's future results that are beyond the ability of the company to control or predict.

there are many factors that can influence the company's future results that are beyond the ability of the company to control or predict


Included in our total company results this quarter was our expansion into Mexico.

included in our total company results this quarter was our expansion into mexico


So we would assume that they have conveyed the message that you've said, but we're obviously not

so we would assume that they have conveyed the message that you've said but we're obviously not


seems much improved as we begun a new year with the potential for big changes in regulations,

seems much improved as we begin a new year with the potential for big changes in regulations


And with respect to what happened in the quarter, I would say the issues with steel were

and with respect to what happened in the quarter i would say the issues with steel were


and we are in a position to do it, because what is happening

and we are in a position to do it because what is happening


Now this business also helps our aftermarket sales support business because

now this business also helps our aftermarket sales support business because


Approximately 50% of the operating systems will be handed over to the owner by the end of this year.

approximately 50% of the operating systems will be handed over to the owner by the end of this year


We also have an inefficient cost structure and an organization that's not nimble enough in the marketplace.

we also have an inefficient cost structure and an organization that's not nimble enough in the marketplace


So when it comes to being more balanced in making sure that the inventory we plan and buy,

so when it comes to being more balanced in making sure that the inventory we plan and buy


Before telling you about our plans, I think it'd be useful for you to understand the depth of the management team at The Tile Shop.

before telling you about our plans i think it would be useful for you to understand the depth of the management team at the tile shop


Many of these forward-looking statements can be identified by the use of words such as may,

many of these forward-looking statements can be identified by the use of words such as may


is more efficient. So as a result of that, we do think that the second half will present a better picture than the first half of the year.

is more efficient so as a result of that we do think that the second half will present a better picture than the first half of the year


But this is not a consequence of any change in business model or any change in product mix or the business mix.

but this is not a consequence of any change in business model or any change in product mix or the business mix


Okay. And then in the past, I think you've kind of pointed to Vitality Index as kind of a measure

okay and then in the past i think you've kind of pointed to the vitality index as kind of a measure


mute that benefit. So I guess as I stand here today and think about the raws and the increase we see

mute that benefit so i guess as i stand here today and think about the raws and the increase we see


We are working on increasing capacities in many of them and moving product to more efficient sites

we are working on increasing capacities in many of them and moving product to more efficient sites


So Passport had no impact on the retail backlog. It had basically more at the wholesale level.

so passport had no impact on the retail background it had basically more at the wholesale level


Organic growth for the year was a robust 7% compared to the prior year. This is outstanding growth

organic growth for the year was a robust 7% compared to the prior year this is outstanding growth


where we continue to see a V-shaped recovery in the construction machinery market in China.

where we continue to see a v-shaped recovery in the construction machinery market in china


impressive quarter. So some of my questions have been asked, but I wondered if you could tell us a little bit about

impressive quarter so some of my questions have been asked but i wondered if you could tell us a little bit about


which are recognized as revenue, when shipped to them. This is a common way of recognizing revenue.

which are recognized as revenue when shipped to them this is a common way of recognizing revenue


to somewhat replace at least some percentage of that protein and then add on


what you're basically investing in is a company that has done a very good job historically in growing its

which you're basically investing in is a company that has done a very good job historically in growing its


And we have been engaged by a large European bank to support its digital transformation.

and we have been engaged by a large european bank to support its digital transformation


First thing I wanted to do is address the news from yesterday about our termination of our merger agreement with Entegra Bank.

first thing i want to do is address the news from yesterday about our termination of our merger agreement with integra bank


and the ongoing impact of the rate reduction on our number portability services imposed by the regulators in India.

and the ongoing impact of the rate reduction on our number portability services imposed by the regulators in india


found out or received any notification on the settlement that's related to the dispute related to the construction


of the expansion in this region. We have recently completed the merging of our gas

of the expansion in this region we've recently completed the merging of our gas


is much more of a shift towards the fronthaul, mid-haul, backhaul optical transport network

is much more of a shift towards the front hall mid-hall back hall optical transport network


the steps of this procedure in other applications that they are using. The

the steps of this procedure in other applications that they are using the


For example, focusing on fully exited transactions in Corporate Private Equity over the past year,

for example focusing on fully exited transactions in corporate private equity over the past year


This concludes today's conference. Thank you for your participation. You may now disconnect.

this concludes today's conference thank you for your participation you may now disconnect


As we projected, our third quarter revenues again grew over the same period of last year.

as we projected our third quarter revenues again grew over the same period of last year


So how is that accounted for in this outlook? Please let me know as much as possible

so how is that accounted for in this outlook please let me know as much as possible


Altogether, we delivered growth both nominally and excluding exchange on the top and bottom line.

altogether we delivered growth both nominally and excluding exchange on the top and bottom line


We've also provided a table in our press release to help you understand the sales results in the quarter for the business units and products.

we've also provided a table in our press release to help you understand the sales results in the quarter for the business units and products


And I would say that mobilizing the organization behind the right priorities

and i would say that mobilizing the organization behind the right priorities


Many factors could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

many factors could cause actual results to differ materially from those expressed or implied by the forward-looking statements


as I mentioned, is we see a lot of the independent guys going to leave

as i mentioned is we see a lot of the independent guys going to leave


The second is the impact of unprofitable projects, both inside and outside Japan.

the second is the impact of unprofitable projects both inside and outside japan


Most of them trade in a very narrow range, even given the different kind of economic conditions we've been through.

most of them trade in a very narrow range even given the different kind of economic conditions we've been through


or Advanced Metering Analytics was much smaller, and so it was much easier for us to get through them.

or advanced metering analytics was much smaller and so it was much easier for us to get through them


That was -- again, the majority of that we had some other slight leverage in some of the fixed cost components

that was again the majority of that we had some other slight leverage in some of the fixed cost components


We have always believed existed for the Five Below concept. We're on track to deliver

we have always believed existed for the five below concept we are on track to deliver


will be seen in our indirect distribution costs and expect that to be around


and that the popularity in demand for passive products is here to stay as a part of clients' portfolio.

and that the popularity and demand for passive products is here to stay as a part of a client's portfolio


We expect simultaneous publication of FOURIER in a leading medical journal with supplementary materials.

we expect simultaneous publication of fourier in a leading medical journal with supplementary materials


For more information relating to the risks and uncertainties involved in our forward-looking statements and the company generally,

for more information relating to the risks and uncertainties involved in our forward-looking statements and the company generally


In terms of construction delays and the like in other parts of the world,

in terms of construction delays and the like in other parts of the world


the overall business, but we don't have any major issues in respect to what some of our competitors are dealing with.

the overall business but we don't have any major issues with respect to what some of our competitors are dealing with


And we felt good about the fundamental sustainability of where we were in academic.

and we felt good about the fundamental sustainability of where we were in academic


during the study on exactly the timing of the treatments in relation to when the


how that plays out over the next quarters and into the coming years as we think about it going forward would be very helpful. Thank

how that plays out over the next quarters and into the coming years as we think about going forward would be very helpful


So to wrap up, we are very pleased with our execution in the third quarter. We have a lot of momentum in both of our segments,

so to wrap up we are very pleased with our execution in the third quarter we have a lot of momentum in both of our segments


So we're going to make disciplined choices between inorganic and organic execution over the next 5 years in

so we're going to make disciplined choices between inorganic and organic execution over the next 5 years


Revenue growth was driven by healthy external demand related to stepped-up external sales efforts

revenue growth was driven by healthy external demand related to stepped-up external sales efforts


We believe this operating philosophy enables us to consistently generate above-average sales paces

we believe this operating philosophy enables us to consistently generate above-average sales bases


And we believe that this project will migrate into a

and we believe that this project will migrate into a


Now the spot side of that business is very positive for us. It fills empty lanes, it does the right things in our network

now the spot side of that business is very positive for us it fills empty lanes it does the right things in our network


You can find this information in the quarterly results section which is located under the Financial Information header.

you can find this information in the quarterly results section which is located under the financial information header


which enables us to better understand how our employees


We're open to that. We don't think this is the right time to buy retail because of where wholesale prices are

we're open to that we don't think this is the right time to buy retail because of where wholesale prices are


compares to the others in development? But where you see yourselves in terms of timing,

compares to the others in development but where you see yourselves in terms of timing


These statements are subject to substantial risks and uncertainties that could adversely affects Five9's future results

these statements are subject to substantial risks and uncertainties that could adversely affect five9's future results


So you wouldn't have seen any kind of volume compression as we shape that business. So

so you wouldn't have seen any kind of volume compression as we shape that business so


in the second quarter. Obviously, there was a lot of confusion in the marketplace.

in the second quarter obviously there was a lot of confusion in the marketplace


does that suggest that the adverse result is going to be


So on the equipment side, we still see the business in automotive progressing.

so on the equipment side we still see the business in automotive progressing


Magnitude seem a little off, so I'm assuming there's some timing variants there, but wouldn't mind understanding how that works out.

magnitude seemed a little off so i'm assuming there's some timing variance there but wouldn't mind understanding how that works out


the consumables part of our business because of repricing is very stable in terms of margin


the point I made this morning was that I think everyone needs to continue to focus on adapting to

and the point i made this morning was that i think everyone needs to continue to focus on adapting to


changes in law or regulations and other factors, many of which are beyond the control of the company.

changes in law or regulations and other factors many of which are beyond the control of the company


All in all, by the end of the first quarter, we could be well on our way to meeting our growth targets for the year.

all in all by the end of the first quarter we could be well on the way to meeting our growth targets for the year


systems and platforms within each of our businesses in order for them to operate more efficiently.


The decline in print-based revenue was only partially offset by growth in our content management services.

the decline in print-based revenue was only partially offset by growth in our content management services


almost a request from talking to shareholders and the analysts around what is the flexible cost nature of the business.

there's almost a request from talking to shareholders and the analysts around what is the flexible cost nature of the business


Pricing is more dictated by value than it is -- at least in Europe,

pricing is more dictated by value than it is at least in europe


and the detail of the final plan will be contained in the exploitation plan or development plan,


we expect full year ROE to improve as the business better leverages its fixed costs

we expect full year roe to improve as the business better leverages its fixed costs


A special committee of our board, which was comprised solely of independent and disinterested directors,

a special committee of our board which was comprised solely of independent and disinterested directors


So while I'm not going to give you the precise phasing Q3 to Q4, I would just remind you to look back at revenue seasonality of

so while i'm not going to give you the precise phase in q3 to q4 i would just remind you to look back at revenue seasonality


So my feeling is, as we're coming into a year from now, those 3 things will be happening.

so my feeling is as we're coming into a year from now those 3 things will be happening


They've begun to implement a channel strategy that provides risk because there's change in the channel strategy that is needed,

they've begun to implement a channel strategy that provides risk because there's change in the channel strategy that is needed


Now that we are approximately 1 year into the launch, we believe the inventory in the sales channel has stabilized.

now that we are approximately 1 year into launch we believe the inventory in the sales channel has stabilized


in the energy design standards for all newly constructed homes. This code update became effective

in the energy design standards for all newly constructed homes this code update became effective


The third transaction that's still out there was Icon. I've talked about them for a minute. I was in Houston

the third transaction that's still out there was icon i talked about them for a minute i was in houston


Going forward, we expect to continue this sustained improvement by focusing on the following priorities.

going forward we expect to continue the sustained improvement by focusing on the following priorities


We believe that our receivable portfolio is of high quality and that DSO will trend down in the second quarter.

we believe that our receivable portfolio is of high quality and that dso will trend down in the second quarter


Our strategy has always been, that the way to extract more is to provide more services

our strategy has always been that the way to extract more is to provide more services


And a lot of our operations are squarely, squarely focused in on this opportunity.

and a lot of our operations are squarely squarely focused in on this opportunity


I'm pleased to announce that we finalized certain agreements with the Air Force to construct a large-scale solar facility at Holloman Air Force Base.

i'm pleased to announce that we finalized certain agreements with the air force to construct a large-scale solar facility at holloman air force base


gives us a new revenue opportunity to add to the overall mix. And then we're constantly

gives us a new revenue opportunity to add to the overall mix and then we're constantly


regardless the provisions above 90 days as a percentage of revenues, and

regardless the provisions above 90 days as a percentage of revenues and


given the strength of the economy and the strength of the economy and markets in our particular resorts,


And we have been losing. So there's one currently in Tampa that we're trying to

and we have been losing so there's one currently in tampa that we're trying to


positive, and we could stop for efficacy.